Johnson Service Group completes £10m share buyback programme
Runcorn-based workwear and hospitality industry textile business, Johnson Service Group has completed its £10m share buyback programme.
The listed business repurchased shares on the London Stock Exchange at an average price of 132.1 pence per share and a total cost, excluding expenses, of £10.0 million.
This represented 1.8 per cent of the issued share capital of the company when the buyback programme commenced in September.
The company has now returned £35.3 million across two buyback programmes.
Typically, public companies use share buybacks to return profits to their investors and boosts the price by reducing the number of tradeable shares.
The group is also managing to expand the business and this year has acquired Irish business Celtic Linen in a deal worth £27.1m, and has increased revenues in the last year by 22% to £215m, while making pre-tax profits of £13.5m.